Using a perpetual inventory system, how should a company record the sale of inventory costing $490 for $1,120 on account? 1. Inventory 2. 3. Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Cost of Goods Sold. Inventory Inventory Gain Sales Revenue. 4. Accounts Receivable. Sales Revenues. Gain 490 1,120 1,120 490 490 630 1,120 490 1,120 1,120 490 1,120 490 630

Using a perpetual inventory system, how should a company record the sale of inventory costing $490 for $1,120 on account? 1. Inventory 2. 3. Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Cost of Goods Sold. Inventory Inventory Gain Sales Revenue. 4. Accounts Receivable. Sales Revenues. Gain 490 1,120 1,120 490 490 630 1,120 490 1,120 1,120 490 1,120 490 630

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Description: Using a perpetual inventory system, how should a company record the sale of inventory costing $490 for $1,120 on account?1. Inventory2.3.Cost of Goods SoldSales RevenueAccounts ReceivableAccounts Receivable.Sales RevenueCost of Goods SoldInventoryIn

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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